Amazon has added insurance and even gold to its menu of financial services in India, to expand its customer base and attract more subscribers to its Prime loyalty program in a battleground growth market. The push ramps up competition as fintech rivals and their deep-pocketed foreign backers struggle for profitability in a predominantly cash-based economy where about 190m adults do not have bank accounts.
“Apparently Chinese fashion designers are leaving the back pockets off jeans because no one uses them anymore (for wallets),” Nerurkar told Reuters. “We would love to make that happen in India.” India’s digital payment market is set to more than double in value to $135 billion by 2023 from 2019, showed a study by professional services firm PwC and Indian lobby group ASSOCHAM.
https://www.reuters.com/article/us-amazon-com-india-payments-idUSKBN25T0JL